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Fastest Ways to Send Money Internationally

Updated on November 28, 2022 12:10 pm
person using phone to send money online

Speed is one of the most important factors to consider when sending money internationally-whether you are sending through a bank or a money transfer specialist. International money transfers can take between 1-5 business days or less, depending on various factors.

Generally, banks tend to be slower, while money transfer specialists tend to be the quickest. When you are in a hurry, the last thing you want to see is a 5-day wait until your money transfer reaches your recipient. 

In this blog, we will list the best tips on how to speed up your international money transfer, how to choose the best service that suits your needs based on various parameters, and how to find the fastest way to send money online internationally with CompareRemit’s comparison tool.

What Affects Money Transfer Speeds?

In the world of international money transfers, many factors contribute to how fast your money reaches your recipient. The most notable of these factors include the following:

  • The type of money transfer service you use. Choosing your bank or a currency exchange service like Wise or Remitly can significantly impact your transfer speed.
  • The sending and the receiving countries. It is faster to send money between countries where the financial exchange is commonplace or currencies that are widely traded between each other. For example, it is quicker to send money from the U.S. to the U.K. than from Tahiti to Tunisia. Additionally, each country has its banking infrastructure and protocols that can affect the transaction speed.
  • The payment method you use will also determine how fast your money gets delivered to your recipient. Money transfer companies offer various ways to fund your transfer, including bank account transfer, credit card, debit card, cash, and more.
  • Your beneficiary’s receiving methods, such as bank deposit, cash pickup, and cash delivery, have different transfer speeds.
  • Mandatory security checks done by banks and money transfer services to ensure safe and accurate transfers can slow down international money transfers.
  • Due to different time zones, the working hours of banks in different countries are different. So, if the transfer request is made outside of business hours, on the weekend, or on a public holiday, it will affect how long it takes the money to reach the recipient.
  • If you have signed up with a money transfer service, it can be a quick transfer process. Suppose you don’t already have an account with a money transfer service. In that case, it will take time to gather the information you need, register for an account, provide supporting documents, and verify your account to be able to make the transfer.

Tips to Speed Up Money Transfers

Here are some useful tips and tricks to speed up your money transfer process:

Compare all the money transfer options 

Almost all money transfer providers have dedicated mobile apps that you can install on your smartphone or tablet. However, it is cumbersome to check the rates on different apps. Download CompareRemit, a money transfer comparison app, and choose the best option that suits your needs. This makes it easy and convenient to compare and get the best exchange rates.

Register with the money transfer service provider in advance

Since account verification may take time, it is better to register for an account at least a week before you need to make a transfer. It is also wise to set up two or three accounts with different providers to get familiar with the process.

Pay with a debit or credit card

One of the fastest ways to send money internationally is to fund your transfer with your debit or credit card. Followed by bank account transfers and then cash payments, which is the slowest of the three. Keep in mind that the fastest way to send money is often not the cheapest. 

The fastest way to receive money

There is a sending side and a receiving side in every money transfer transaction. On the receiving end, generally, cash pickup is the fastest receipt method and is usually almost instant. In comparison, bank deposits can have varying speeds, ranging between a few hours and a few days for a complete transfer. While cash pick-up at an agent location is instant, cash delivery can take several working days.

Enter your and beneficiary details correctly

Entering the wrong details means your transfer service provider must follow up with you to confirm them, which means your transfer will get delayed. Make sure the details are ready in advance and are accurate.

Refrain from using banks

Banks are often expensive and are much slower than money transfer specialists when it comes to sending money internationally. Here is our blog on which one is better-online money transfer or banks.

Check customer feedback

It is good practice to read customer reviews about the services that you are going to use before transferring money with them. Check the feedback on TrustPilot to get an idea of what others are saying about their service.

Fastest Ways to Make International Money Transfers

As discussed, various parameters affect the speed of your international money transfers. Regardless of these factors, we have compiled the top 7 money transfer services providing fast international money transfers.

Remitly

Remitly is an international money transfer service that allows users in 21 sending nations to send money to over 100 countries. It primarily assists immigrants who are looking for inexpensive, effective, and fast money transfer services.

In terms of speed, Remitly offers two modes of sending money. Economy bank transfers can take 3 to 5 business days to arrive. Express card transfers deliver within minutes.

Remitly is a great option for cash pick-up and cash home delivery due to its speed and pricing for such cash-related transfers.

Remitly fast money transfer app has a rating of 4.8/5 stars in the Google Play store and 4.9/5 stars in the  App store.

Wise

Wise is a London-based online and mobile payment service company that offers international money transfers from 59 nations to over 80 countries with transparent fees and real exchange rates.

Wise is one of the best international money transfer apps. 38% of transfers through Wise arrived in less than 20 seconds, according to its report in 2021. Wise claimed that 53% of transfers were completed in an hour and 81% within a day in 2020.

Wise is great for small to medium-sized bank transfers (up to US$10,000.00). Through Wise, you can also open a multi-currency account that holds up to 50 different currencies.

PassTo

PassTo is a money transfer app based in London, offering international money transfers with real-time exchange rates, faster speed and no hidden costs.

You can send money to over 50+ countries. Most money transfers are completed within minutes or on the same day.

Delivery may take place on the same or the next working day in some circumstances, depending on the service speed and quality in the destination country.

The fast money transfers offered by PassTo might be a great help if you need to send money quickly abroad, especially for urgent or emergencies.

Xe

Xe is a popular currency converter that also offers money transfer services. It is a common option for overseas payments because of the company's low fees and competitive exchange rates.

For large bank-to-bank transfers, Xe is a fantastic option. You can send payments in 139 currencies to over 220 countries and territories.

The real advantage of using Xe for large bank-to-bank transfers is the number of countries and currencies they support.

International money transfers using Xe typically take 1 to 4 business days, but many are done faster than that. Most transfers are done within 24 hours, with some taking just a few hours or even a few minutes (and some happening in real-time).

Panda Remit

Panda Remit provides affordable international money transfer services to more than 30+ countries with competitive exchange rates and no hidden fees.

Usually, the transfer is completed within 1-3 business days, but it can transfer as fast as in 2 minutes.

The speed will be determined by the payment method and receipt method. Make sure all the necessary documentation is provided to quicken the transfer.

If you are not satisfied with the service, there is a 100% money-back guarantee.

State Bank of India-California (SBIC)

State Bank of India-California (SBIC) is a full-service financial institution that provides a wide range of business banking products, personal and commercial lending services, and international services.

With its headquarters in downtown Los Angeles, SBIC, a wholly owned subsidiary of the State Bank of India, maintains various branches throughout the state of California.

One of the fastest ways to send money to India from anywhere is through SBIC. Money transfers can be made online, through the SBIC Mobile App, or in person at any SBIC branch. Use the SBIC app for fast money transfers to India at zero cost.

They offer attractive and competitive USD to INR exchange rates. Transfers are usually completed within a few hours.

Instarem

Singapore-based Instarem offers affordable and fast online international money transfers. It provides transparent fees and real exchange rates, much like Wise. Instarem is especially popular for small transfers.

Through its extensive global network of 8000+ institutions, it enables users to send money to more than 55 different countries.

It offers same-day or next-business-day delivery. The majority of transfers are completed in only a few seconds.

Depending on the destination countries, corridors, and payment type, it can take longer than two business days to reach the recipient's bank account.

For fast international money transfers, search on CompareRemit’s real-time comparison tool. Compare transfer speeds from our trusted money transfer service partners today and choose the provider that is best for you!

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